Bechtle is working its approach out of the doldrums | EUROtoday

The IT service supplier Bechtle considerably expanded its enterprise on the finish of 2025, thus persevering with the upswing after a protracted dry spell. CEO Thomas Olemotz was each assured and cautious about additional developments: “We also assume that Bechtle will develop positively in 2026, although the overall economic conditions remain challenging.” In explicit, the typically vital value will increase by producers and doable supply difficulties might have a unfavorable impression over the remainder of the yr, he stated.

According to preliminary figures, gross sales elevated by round 2 % to six.4 billion euros final yr. The pre-tax revenue was round 324 million euros, round 6 % under the earlier yr’s determine. Bechtle, based mostly in Neckarsulm close to Heilbronn, had lengthy suffered from the reluctance of medium-sized clients and authorities as a result of weak economic system.

The value of the share listed within the M-Dax had fallen by fifth prior to now six months; it was most lately quoted at 32.44 euros. The majority of analysts surveyed by the Bloomberg information company advisable shopping for the inventory. They anticipate a value of between 32 and 56 euros within the subsequent twelve months. After the quarterly figures, UBS lowered its value goal from 50.50 to 47.50 euros, however left the ranking at “Buy”.

After the fourth quarter figures, he diminished his revenue forecasts (EPS) for 2026 and 2027, writes Christopher Tong from UBS. The underlying enterprise traits are good, however the excessive costs for reminiscence chips are more likely to restrict the restoration potential.

Bechtle equips clients with PCs and community units and sells {hardware} itself by way of its personal on-line retailer. Recently, the costs for reminiscence chips have risen sharply as a result of they’ve grow to be scarce as information facilities and infrastructure for synthetic intelligence are expanded and are more likely to stay briefly provide in the long run. CEO Olemotz, who has been on the helm since 2009 and will probably be leaving on the finish of the yr, stated: “We have already seen price increases of over 10 percent for PCs. We expect even more significant increases for servers and storage systems.”

But the setting may be very dynamic; In this respect, dependable forecasts are presently notably tough. “We are of course following developments very closely, are in intensive communication with our manufacturer partners and customers and are preparing for various scenarios.”

Bechtle is characterised by a secure shareholder construction. The Schick household, led by the now deceased co-founder Gerhard Schick, holds 35 % of the shares. Among others, Flossbach von Storch has 10 % and Blackrock has 3 % of the shares. The free float is presently acknowledged at nearly 52 %. The market capitalization was lately simply over 4 billion euros. According to the data, Bechtle’s enterprise quantity elevated by round 8 % to nearly 8.6 billion euros in 2025 as a complete.

Bechtle isn’t allowed to depend software program gross sales in full as income, however reveals them in full within the enterprise quantity key determine. In the fourth quarter alone, enterprise quantity elevated by greater than 16 %. The pre-tax consequence climbed by over a fifth to 121 million euros within the final three months, which is a file worth.

Bechtle is energetic in 14 international locations in Europe. From the corporate’s viewpoint, the neighboring nation France stays a difficult market “due to the political conditions”. “We have already seen in 2025 that demand for IT solutions was at a consistently high level in the Benelux region, Great Britain and Spain. We also expect positive impulses from these markets for 2026,” stated the CEO.

In Germany, funding exercise amongst public sector clients has elevated noticeably; However, as issues stand right now, German medium-sized companies should additionally anticipate a sure diploma of restraint within the present yr.

Across all sectors, it’s medium-sized corporations in Germany and France which might be holding again on investments. They typically lack the required safety to make investments sooner or later. “On the one hand, this is certainly due to the economic environment. On the other hand, the rapid technological developments and the increasing complexity of IT also represent a certain challenge in dealing with the opportunities of digitalization,” Olemotz continued.

The price-earnings ratio (P/E) for the paper was lately given as simply over 19. In basic, the decrease the ratio, the cheaper and extra enticing a inventory is. The P/E ratio signifies what number of years through which buyers will obtain the worth they paid for a share if the corporate’s earnings stay fixed.